How to Maximise Returns on your Events Investment
Whether we’re talking about a golf day, a rally driving experience, a ski trip, an incentive weekend in Europe or a full-scale annual conference, it’s important that you’re driving as much value as possible from any event. That means your leadership and finance teams are going to be interested in one metric more than any other: Return on Investment (ROI).
Creating unforgettable, jaw-dropping and inspiring events is important – but only if those things are being used to drive real objectives and to maximise event ROI. Ensuring that events are delivering real, sustained value to your organisation is more important than ever. The good news is the power to maximise returns from events is in your hands…
Know What You’re Trying to Achieve
To maximise event ROI, events need to be built around specific business objectives. Often these aims will be a training or incentivising objective tied to key commercial priorities. Clear objectives lead to clear outcomes.
Knowing what you are trying to achieve will also determine how you measure ROI. As Inconnection CEO Nick Hamilton says,
“We say to our clients that they can define what ROI looks like in the objectives they set - for example, if your goal is to increase your staff’s understanding of your company’s commercial aims, ROI is achieving this. An effective way of measuring and confirming that ROI would be through a post-event survey”.
For events to deliver to their full potential, events agencies and corporate clients need to work closely together. As Nick Hamilton says,
“We’re the event experts and our clients are experts in their people. Combining our knowledge will maximise the success of their event. This will have the biggest impact on achieving maximum ROI”.
From the very earliest stages of planning your event, we’ll work closely and collaboratively with you to ensure that we’re planning and delivering an event that works for your people and that will maximise event ROI against your objectives.
Extend Your Event’s Lifecycle
Returns from events can be limited by the duration of the event itself – an afternoon of team building might deliver great results during that afternoon, but make it hard to maximise event ROI in the form of ongoing results once you’re back in the office.
You can drive significantly more value from an event by extending its lifecycle. Think about how you could extend that event’s impact and value both before it begins and after it finishes:
- Could you use social media and technology to build anticipation and a sense of community before the event, and use hashtags or built in chat functions to keep conversations going once and collect photos once it’s over?
- Could you keep the morale-boosting effects of rewards and recognition rolling year-round with an ongoing ‘points-mean-prizes’-style rewards platform, regular socialising opportunities with colleagues and celebrations for key milestones?
- Could you carry an event’s sense of community through to your day-to-day workplace - rearranging seating to avoid physically stopping different departments from integrating, creating cross-departmental working groups to avoid social siloes, or starting weekly socials?
Use Tech to Measure Returns
The easy availability of data, leaps forward in events management tech and strong competition between platforms is increasingly cementing events tech as one of the best ways to measure how well you have maximised your event ROI.
Online registration and events management platforms like Eventbrite are invaluable for capturing, tracking and measuring the engagement and action of attendees, from simple activity days to global sales force conferences.
There are also some excellent mobile apps designed for leaders of small teams on incentive or team building events, including registration, chat and post-event survey functions for attendees.
We would love to work together to create an event that delivers on your key business objectives, and to maximise ROI for that event. Get in touch now or call 0161 498 3311, let's talk!